Rochester, NY 8/19/2009 11:35:24 AM
Teck Resources Limited (USA) TCK , FLAHERTY REPORTS:China Investment Corp. shows interest in Canada
Teck Resources Limited (USA)
China Investment Corp., the sovereign wealth fund whose holdings include stakes in Blackstone Group LP and Morgan Stanley, is interested in boosting its Canadian presence after acquiring a stake in Teck Resources Ltd. last month, Canadian Finance Minister Jim Flaherty said.
Mr. Flaherty said in a Bloomberg interview Tuesday after a one-hour meeting with Lou Jiwei, chairman of CIC. The Beijing-based fund, with US$297.5-billion in assets at the end of 2008, views Canada as a safe place to invest. CIC said in an annual report released Aug. 7 that it is looking to increase investments this year after last year’s global financial crisis. CIC made its first major investment in a Canadian company last month when it acquired a 17% stake in the country’s largest diversified mining company. CIC had 87.4% of its global portfolio in cash and cash equivalents at the end of 2008, according to the annual report.
It spent US $4.8-billion on new investments last year compared with Canada’s Teck Resources sold a 17% stake to China’s wealth fund last month for $1.74-billion. The mining company is betting that a strategic partnership with China may help the company win a larger share of the country’s coking coal imports, chief executive Officer Donald Lindsay said in a Bloomberg interview at the time.
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